According to the Complaint, Web.com Group, Inc. ("Web.com" or the "Company") delivers solutions that owners need to market and manage their businesses, from building brands online to reaching more customers or growing relationships with existing customers. The Company’s products include customized marketing plans that deliver local leads and customer-scheduling or customer-relationship marketing tools that help businesses run more efficiently.
This action stems from a proposed transaction announced on June 21, 2018 (the “Proposed Transaction”), pursuant to which Web.com will be acquired by affiliates of Siris Capital Group, LLC. On September 5, 2018, Defendants filed a proxy statement (the “Proxy Statement”) with the United States Securities and Exchange Commission (the “SEC”) in connection with the Proposed Transaction. The Complaint alleges that the Proxy Statement, which scheduled a stockholder vote on the Proposed Transaction for October 10, 2018, omits material information with respect to the Proposed Transaction, which renders the Proxy Statement false and misleading.